Houg v. Commissioner
United States Tax Court
General Controls Co. had instituted a profit-sharing retirement income plan for its employees under which it was obligated to contribute 15 percent of its net operating profits to the "Company Fund" portion of the plan. General Controls merged with another corporation and ceased to exist. All of its assets were transferred to the other corporation and all of its employees became employees of the new corporation.
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General Controls Co. had instituted a profit-sharing retirement income plan for its employees under which it was obligated to contribute 15 percent of its net operating profits to the "Company Fund" portion of the plan. General Controls merged with another corporation and ceased to exist. All of its assets were transferred to the other corporation and all of its employees became employees of the new corporation. The profit-sharing plan of the transferor corporation was amended, effective on the date of the merger, so that any employee of General Controls Co. could receive total distribution…
1Opinion of the Court
OPINION
Mui/Ronex, Judge:
Respondent determined a deficiency in petitioners’ income tax for the year 1963 in the amount of $875.30. After a concession by respondent, the only issue is whether a distribution to petitioner in 1963 totaling $5,950.25 from a qualified profit-sharing plan is to be treated as ordinary income or capital gain under section 402,1.R.C. 1954.1
All of the facts have been stipulated and they are so found.
Clifford M. Houg, who will be called petitioner, and his wife Mildred S. Houg, resided in San Fernando, Calif., at the time they filed their petition in this case. They…
2Cases cited6 opinions
- Miller v. CommissionerUnited States Tax Court · 1954
- Glinske v. CommissionerUnited States Tax Court · 1951
- E. N. Funkhouser and Estate of Nellie S. Funkhouser, Deceased, E. N. Funkhouser v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1967
- Gittens v. CommissionerUnited States Tax Court · 1968
- Funkhouser v. CommissionerUnited States Tax Court · 1965
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Patty R. Smith v. United StatesCourt of Appeals for the Sixth Circuit · 1972
- Gegax v. CommissionerUnited States Tax Court · 1979
- Wysong v. United StatesDistrict Court, D. Minnesota · 1971
- Gegax v. CommissionerUnited States Tax Court · 1979
- Houg v. CommissionerUnited States Tax Court · 1970